Bitcoin Cash price analysis shows that the market is still likely to see a strong rally towards the $500 resistance level.
Bitcoin Cash Price Medium-term Analysis
Yesterday, February 11, the price of Bitcoin Cash (BCH) was in a bullish trend. BCH has been trading around the $450 levels for the past few days. However, after successfully breaking the $450 resistance, the bulls are now aiming for a move back into $500 level.
At the time of writing this Bitcoin Cash price analysis, the coin is changing hands at the $476 level. On the upside, if more buyers emerge, the market will rise towards the $490 and $500 resistance levels. On the downside, a break below the $470 level will result in the market finding support at the $450 and $430 levels.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BCHUSD Price Short-term Analysis
On the 1-hour chart, the price of BCHUSD is in a bullish trend. After a recent break above $450, the pair has continued to spike. The price is now consolidating above the $470 support and it could correct higher.
On the upside, there are many resistances near $480 and $490. Conversely, the main support is now near $450, below which the price is likely to test the $400 support area in the short term. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $490, $500, $510
- Support levels: $450, $430, $400
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.